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Alcoa Inc. board approves business split into Arconic, Alcoa Corp.

Alcoa Inc.'s board approved the company’s separation into two independent, publicly traded companies, to be effective before market opening on Nov. 1.

Alcoa Inc. will change its name to Arconic Inc. and hold a 19.9% stake in Alcoa Corp., the new mining and smelting company that will be listed on the NYSE through a tax-free spinoff to its shareholders.

Alcoa Inc. also plans to undertake a reverse stock split of its common stock on a 1-for-3 basis and a proportionate reduction in the number of authorized shares of its common stock. Approval for the transaction will be sought in a special shareholder meeting Oct. 5.

If the reverse stock split is approved, Alcoa Inc. shareholders will receive 1 share of Alcoa Corp. for 3 three shares held.

Upon separation, Klaus Kleinfeld will serve as Arconic chairman and CEO. Michael Morris will become the nonexecutive chairman of Alcoa Corp. and Roy Harvey, the group president of the Alcoa Global Primary Products business, will be the CEO.

Earlier in the month, S&P Global Ratings assigned a BB- rating to Alcoa Corp., while it affirmed its BBB-/A-3 rating for Alcoa Inc., both with a stable outlook.

S&P said it viewed Alcoa Corp.'s "fair business risk profile and aggressive financial risk profile" as weaker than Alcoa Inc.'s "satisfactory business risk profile and significant financial risk profile."

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.